paying back loan Watch

dannywales
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#1
Report Thread starter 13 years ago
#1
I was wondering.. you know when it comes time to repay the loans, do you HAVE to keep paying at a fixed rate until its repayed? or can you just pay as much as you want.. say if you had extra money one month and wanted to pay a few hundred or something?
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Talya
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You can pay back more. But at the rate they charge you interest, why bother? It's tiny!

(ie: (This is from the PN1 booklet about loans) if you earn £15000 a year (£1250 a month) you pay back only £7 a month. Even when you are earning £25000 (£2083 a month) a year you pay back just £75 a month. I'd just leave it running and invest any extra money you had.)
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pol_student
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(Original post by dannywales)
I was wondering.. you know when it comes time to repay the loans, do you HAVE to keep paying at a fixed rate until its repayed? or can you just pay as much as you want.. say if you had extra money one month and wanted to pay a few hundred or something?
There is a fixed minimum, once you earn over an amount specified by the government, and which is subject to change at their whim, but you can choose to pay anything above that limit in order to pay off the loan quicker.
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KerriT
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If I pay the minimum amount based on my salary (will be a teacher so I know roughly how much it'll increase by) it will take me 23/24 years to repay it all. I might have a child at uni myself by then!
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dragons_circle
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If it takes that long you should just wait until they write it off at 45! Since'll you'll be ~42 anyway.
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